PENGARUH KEPEMILIKAN MANAJERIAL, DEBT

TO EQUITY RATIO DAN ASSETS GROWTH

TERHADAP DIVIDEN PAYOUT RATIO (Studi Pada Perusahaan LQ-45 yang Terdaftar di Bursa Efek Indonesia

Periode 2012-2015)

SKRIPSI

Diajukan untuk Menempuh Ujian Sarjana

pada Fakultas Ilmu Administrasi Universitas Brawijaya

GANDHI AZMI PAMBAYUN

NIM. 135030207111119

UNIVERSITAS BRAWIJAYA

FAKULTAS ILMU ADMINISTRASI

JURUSAN ADMINISTRASI BISNIS

PROGRAM STUDI ILMU ADMINISTRASI BISNIS

KONSENTRASI KEUANGAN

MALANG

2017

Education

2013-Present

2008-2011

2005-2008

1999-2005

Brawijaya University Malang, East Java, Indonesia

College student at the Faculty of Administrative Science, majoring in Business Administration.

Courses studied / learning about Business English , Religious Education , Introduction to

Business Administration , Law of Business , Indonesian , Business Mathematics , and

Introduction to Accounting.

Senior High School of Trenggalek Trenggalek ,East Java, Indonesia

Junior High School of Trenggalek Trenggalek ,East Java, Indonesia

Elementary School of Trenggalek Trenggalek ,East Java, Indonesia

Organization Experience

2013 - Present

2008 - 2010

2006 - 2007

HIMABIS ( Association of Business Administration Student ) of Brawijaya University.

Committee of Seminar KULTAM ( Guest and Lecture ) consumption , transportation, and

equipment division. The job is to prepare food and drinks to the participants, guest star escort

shuttle, calculate how many participants will be invited,

AEC ( Administration of English Club )

Followed the training from AEC

Taking some classes like Speaking, Debate, and Writing.

OSIS ( Organisation of Senior High School Trenggalek ) Trenggalek , East Java , Indonesia.

Secretary

Creating and evaluating the report of student activities , preparing a funding proposal activities.

arrange a schedule OSIS activity during this period.

Committee of SMADA FEST 2009 ( East Java Music Competition ) consumption ,

transportation, and equipment division.

PPI ( Purna Paskibraka Indonesia) Distric Level.

PPI is an organization of member Paskibraka Indonesian association founded by alumni of

Paskibraka. This organization aim to cultivate character, independence and professionalism.

GITA SWARA ( Marchingband Organisation Junior High School)

Skills and Interest

Native speaker of Indonesian, excellent in English. Frequent user of Ms word, Power Point, and

Excel, Talent in calculating lecture schedule like math etc,. Enjoy traveling to another region or

country, love singing a song, reading motivation book and outdoor activities.

Your Formal

Photo Here

CURRICULUM VITAE

Gandhi Azmi Pambayun Desa Nglebeng, Kecamatan Panggul 66364

Trenggalek , East Java, Indonesia

azmi_bayu@ymail.com / gandhi.pambayun@aiesec.net

+6285782589776 / +6281320056607

vii

KATA PENGANTAR

Alhamdulilah, puji syukur Peneliti panjatkan kehadirat Allah SWT atas

segala rahmat, karunia dan hidayah-Nya, sehingga Peneliti dapat menyelesaikan

skripsi yang berjudul “Pengaruh Kepemimpinan Manajerial, Debt to Equity Ratio

dan Assets Growth terhadap Dividen Payout Ratio (Studi pada Perusahaan Indeks

LQ-45 yang Terdaftar di Bursa Efek Indonesia 2012 – 2015)”. yang merupakan

tugas akhir sebagai pesyaratan untuk memperoleh gelar sarjana Ilmu Administrasi

Bisnis pada Fakultas Ilmu Administrasi Universitas Brawijaya Malang.

Peneliti menyadari bahwa skripsi ini masih banyak kekurangan dan jauh

dari sempurna, karna dzat yang maha sempurna hanyalah milik Allah SWT.

Sebagai ungkapan rasa kebahagiaan atas terselesaikannya skripsi ini, peneliti

mengucapkan terimakasih kepada semua pihak atas bantuan doa serta

dukungannya. Oleh karena itu peneliti mengucapkan terima kasih kepada:

1. Bapak Prof. Dr. Bambang Supriyono, MS, selaku Dekan Fakultas

Ilmu Administrasi Universitas Brawijaya Malang.

2. Ibu Prof. Endang Siti Astuti, M.Si Ketua Jurusan Administrasi

Bisnis Fakultas Ilmu Administrasi Universitas Brawijaya. Bisnis

Fakultas Ilmu Administrasi Universitas Brawijaya

3. Bapak Muhammad Iqbal S.Sos., M.IB, DBA selaku Sekretaris Jurusan

Administrasi Bisnis Fakultas Ilmu Administrasi Universitas Brawijaya

viii

4. Bapak Dr. Wilopo, M.AB selaku Ketua Program Studi

Administrasi Bisnis Fakultas Ilmu Administrasi Universitas

Brawijaya.

5. Bapak M. Kholid Mawardi, Ph.D selaku Sekretaris Prodi Administrasi

Bisnis Fakultas Ilmu Administrasi Universitas Brawijaya.

6. Ib u Sri Sulasmiyati, S.Sos. MAP selaku Pembimbing dari peneliti yang

telah memberikan keluangan waktu untuk membimbing, mengarahkan,

memberi masukan, kritik dan semangat kepada Peneliti dalam menyusun

skripsi ini.

7. Bapak dan Ibu dosen Fakultas Ilmu Administrasi yang telah

memberikan ilmu dengan ikhlas kepada Peneliti, sehingga menjadi

ilmu yang bermanfaat untuk skripsi ini.

8. Bapak Gatot , Ibu Narmi , Dek Ganis Maudy selaku keluarga

tercinta yang selalu memberikan doa, motivasi dan semangat

serta nasihat kepada peneliti dalam menyeleseikan skripsi ini.

9. Keluarga Besar Administration English Club (AEC) khususnya

periode Februari 2016 - Januari 2017. Terkhusus kepada Rama,

Helda, Duhita, Stefani, Idel, Kiki, Aura, Nella, Rima, Nova dan

Galang.

10. Keluarga Besar Laboratorium Akuntansi dan Keuangan

Fakultas Ilmu Administrasi khususnya Ibu Rosalita, Ibu Mirza,

Rini, Tina, Ega, Andre, Aninda dan Puji.

ix

11. Teman – teman Administrasi Bisnis 2013 dan Teman – teman

Fakultas Ilmu Administrasi, terimakasih untuk pertemanan dan

motivasi selama ini.

12. Semua pihak yang telah membantu peneliti dalam menyusun

skripsi ini yang tidak bisa disebutkan satu – persatu.

Malang, Juni 2017

Peneliti

v

RINGKASAN

Gandhi Azmi Pambayun, 2017. Pengaruh Kepemilikan Manajerial, Debt to Equity

Ratio dan Assets Growth terhadap Dividen Payout Ratio (Studi pada Perusahaan

LQ-45 yang terdaftar di Bursa Efek Indonesia Periode 2012-2015). Sri Sulasmiyati

S.Sos. M.AP 132 hal + xvi.

Investor mempunyai tujuan utama dalam menanamkan dananya kedalam

perusahaan yaitu untuk mencari pendapatan, atau tingkat kembalian investasi

(return), pendapatan dividen (dividend yield) maupun pendapatan dari selisih harga

jual saham terhadap harga belinya (capital gain). Perusahaan dengan tingkat profit

yang besar itulah yang menjadi daya tarik investor, Karena akan memberikan sinyal

yang baik tentang return, dividen yield dan capital gain.

Penelitian ini bertujuan untuk mengetahui pengaruh variabel bebas yang

terdiri dari kepemilikan manajerial (X1), debt to equity ratio (X2) dan assets growth

(X3) secara simultan dan parsial terhadap variabel terikat yaitu dividen payout ratio

(Y).

Jenis penelitian ini adalah penelitian penjelasan (Explanatory Research).

Populasi dalam penelitian ini adalah perusahaan indeks LQ-45 yang terdaftar di Bursa

Efek Indonesia Periode 2012-2015 dan didapat 14 perusahaan sampel yang terpilih

berdasarkan kriteria tertentu yang disesuaikan dengan tujuan penelitian. Metode yang

digunakan dalam penelitian ini adalah analisis regresi linear berganda.

Hasil penelitian ini mebuktikan bahwa : pada Dividen Payout Ratio : a)

Kepemilikan Manajerial, Debt to Equity Ratio dan Assets Growth secara simultan

berpengaruh signifikan terhadap Dividen Payout Ratio; b) Kepemilikan Manajerial

secara parsial tidak berpengaruh signifikan terhadap Dividen Payout Ratio; c) Debt to

Equity Ratio dan Assets Growth secara parsial berpengaruh signifikan terhadap

Dividen Payout Ratio.

Berdasarkan hasil penelitian tersebut, saran yang dapat diberikan kepada

penelitian selanjutnya agar menambahkan variabel lain di luar model, sehingga

memberikan hasil yang lebih akurat dan penelitian ini diharapkan dapat memberikan

informasi yang dibutuhkan oleh investor, analis dan lembaga investasi dalam

melakukan pengambilan keputusan investasi pada perusahaan.

Kata Kunci : Kepemilikan Manajerial, Debt to Equity Ratio, Assets Growth,

Dividen Payout Ratio, Dividen Yield.

vi

SUMMARY

Gandhi Azmi Pambayun, 2017. The Influence of Managerial Ownership, Debt to

Equity Ratio and Assets Growth concerning Dividend Payout Ratio (Study at

LQ-45 Company listed on Indonesia Stock Exchange 2012-2015 period). Sri

Sulasmiyati S.Sos. M.AP 132 hal + xvi.

Investors have the main goal in investing funds into the company that seek

income, return, dividend yield and income from the difference between the selling

price of shares to the purchase price (capital gain). Companies with a large profit

level is appeal to investors, because it will provide a good signal about the return,

dividend yield and capital gain.

This research aims to determine the influence of independent variable consist

of managerial ownership (X1), debt to equity ratio (X2) and assets growth (X3)

simultaneously and partially concerning dependent variable, dividend payout ratio

(Y).

This type of research is explanatory research. The population in this research

is LQ-45 index company listed in Indonesia Stock Exchange period 2012-2015 and

got 14 sample companies selected based on certain criteria which is adjusted to the

purpose of research. The method used in this research is multiple linear regression

analysis.

The results of this research prove that: the Dividend Payout Ratio: a)

Managerial Ownership, Debt to Equity Ratio and Assets Growth simultaneously have

significant effect concerning Dividend Payout Ratio; B) Managerial Ownership

partially has no significant effect concerning Dividend Payout Ratio; C) Debt to

Equity Ratio and Assets Growth partially have significant effect concerning Dividend

Payout Ratio.

Based on the result, any suggestions that can be given to further research is to

add other variables outside the model, thus providing more accurate results and this

research is expected to provide information needed by investors, analysts and

investment institutions in making investment decisions on the company.

Keywords: Managerial Ownership, Debt to Equity Ratio, Assets Growth, Dividend

Payout Ratio, Dividend Yield.

x

DAFTAR ISI

Hal.

MOTTO .................................................................................................................. i

TANDA PERSETUJUAN SKRIPSI ................................................................... ii

TANDA PENGESAHAN SKRIPSI .................................................................... iii

PERNYATAAN ORISINALITAS SKRIPSI ..................................................... iv

RINGKASAN ......................................................................................................... v

SUMMARY .......................................................................................................... vi

KATA PENGANTAR ......................................................................................... vii

DAFTAR ISI .......................................................................................................... x

DAFTAR TABEL ............................................................................................. xiii

DAFTAR GAMBAR .......................................................................................... xiv

DAFTAR LAMPIRAN ........................................................................................ xv

BAB I PENDAHULUAN ............................................................................... 1

A. Latar Belakang ................................................................................... 1 B. Rumusan Masalah .............................................................................. 6 C. Tujuan Penelitian ............................................................................... 6

D. Manfaat Penelitian ............................................................................. 7 E. Sistematika Pembahasan .................................................................... 8

BAB II TINJAUAN PUSTAKA ................................................................... 11

A. Tinjaun Empiris ............................................................................... 11

B. Tinjauan Teoritis .............................................................................. 17

1 Dividen .......................................................................................... 17

a. Pengertian Dividen ................................................................. 17

b. Jenis – Jenis Dividen .............................................................. 17

2. Kebijakan Dividen ....................................................................... 18

a. Ukuran Kebijakan Dividen ..................................................... 19

b. Teori Kebijakan Divden ......................................................... 20

c. Faktor – Faktor yang mempengaruhi Dividen ....................... 21

3. Struktur Kepemilikan ................................................................... 25

1. Kepemilikan Institusional ....................................................... 27

2 Kepemilikan Manajerial ......................................................... 28

4. Struktur Modal ............................................................................. 29

a. Teori Struktur Modal .............................................................. 30

b. Faktor yang Mempengaruhi Struktur Modal .......................... 31

c. Pengukuran Struktur Modal ................................................... 33

5. Growth ......................................................................................... 33

xi

a. Assets Growth ......................................................................... 34

b. Sales Growth ........................................................................... 35

6. Indeks Harga Saham .................................................................... 36

a. Indeksh Harga Saham Gabungan ............................................ 36

b. Indeks Sktoral ...................................................................... 36

c. Indeks LQ-45 ........................................................................... 37

d. Jakarta Islamic Index ............................................................... 37

e. Indeks Kompas 100 ................................................................. 38

f. Indeks Bisnis - 27 .................................................................... 38

g. Indeks PEFINDO25 ............................................................... 39

h. Indeks Sri Kehati ..................................................................... 39

i. Indeks Papan Utama................................................................. 39

j. Indeks Papan Pengembangan ................................................... 39

7. Hubungan Antar Variabel ................................................................ 39

8.. Model Konsep dan Hipotesis ........................................................... 41

BAB III METODE PENELITIAN ................................................................ 43 A. Jenis Penelitian ................................................................................ 43 B. Lokasi Penelitian .............................................................................. 43 C. Variabel dan Pengukuran ................................................................. 44

1.Variabel Bebas ......................................................................... 44

2.Variabel Terikat ....................................................................... 45

D. Populasi dan Sampel ........................................................................ 46

1.Populasi .................................................................................... 46

2.Sampel ...................................................................................... 46

E. Sumber Data .................................................................................... 50

F. Teknik Pengumpulan Data ............................................................... 51

G. Teknik Analisis Data ....................................................................... 51

1.Analisis Statistik Deskriptif ..................................................... 51

2.Analisis Statistik Inferensial .................................................... 51

a. Uji Asumsi Klasik .................................................................. 52

1) Uji Normalitas ................................................................... 53

2) Multikolonieritas................................................................ 53

3) Autokorelasi ....................................................................... 53

4) Heteroskedastisitas ............................................................ 53

3. Analisis Regresi Linear Berganda .......................................... 55

4. Koefisien Determinasi (R2) .................................................... 55

5. Pengujian Hipotesis ................................................................. 56

1) Uji Simultan (uji F) ......................................................... 56

2) Uji Parsial (uji t) .............................................................. 56

BAB IV HASIL DAN PEMBAHASAN ........................................................... 58

A. Gambaran Umum Lokasi Penelitian ................................................. 58

1. Sejarah Singkat Bursa Efek Indonesia ......................................... 58

2. Visi dan Misi Bursa Efek Indonesia ............................................ 61

3. Mekanisme Perdagangan Bursa Efek Indonesia .......................... 61

xii

B. Gambaran Umum Sampel Penelitian & Penyajian Data .................. 61

1. Gambaran Umum Perusahaan ...................................................... 61

2. Penyajian Data ............................................................................. 79

C. Analisis Data ..................................................................................... 90

1. Analisis Statistik Deskriptif ......................................................... 90

2. Analisis Statistik Inferensial ........................................................ 93

a. Hasil Uji Asumsi Klasik .......................................................... 93

b. Analisis Regresi Linear Berganda ........................................... 97

c. Koefisien Determinasi (R2) ..................................................... 99

d. Uji Statistik F ......................................................................... 100

e. Uji Statistik t .......................................................................... 101

D. Pembahasan Hasil Penelitian .......................................................... 102

BAB V PENUTUP ........................................................................................... 107

A. Kesimpulan ..................................................................................... 107

1. Pengaruh Secara Simultan terhadap Dividen Payout Ratio ....... 107

2. Pengaruh Secara Parsial terhadap Dividen Payout Ratio ........... 107

B. Saran ............................................................................................... 108

1. Secara Akademis ........................................................................ 108

2. Secara Praktis ............................................................................. 109

DAFTAR PUSTAKA ......................................................................................... 110

LAMPIRAN ........................................................................................................ 114

xiii

DAFTAR TABEL

No. Judul Tabel Halaman

1. Hasil Penelitian Terdahulu ........................................................................... 15

2. Teknik Pengambilan Sampel ........................................................................ 47

3. Sampel Perusahaan LQ-45 ........................................................................... 50

4. Kriteria Uji Durbin Watson .......................................................................... 54

5. Jadwal Perdagangan Saham BEI .................................................................. 61

6. Penyajian Data .............................................................................................. 79

7. Data Kepemilikan Manajerial Perusahaan Indeks LQ-45 Periode Tahun

2012-2015 ..................................................................................................... 84

8. Data Debt to Equity Ratio Perusahaan Indeks LQ-45 Tahun 2012-2015 ..... 86

9. Data Assets Growth Perusahaan Indeks LQ-45 Periode Tahun 2012-2015 87

10. Data Dividen Payout Ratio Perusahaan Indeks LQ-45 Periode Tahun 2012-

2015 .............................................................................................................. 89

11. Statistik Deskriptif Variabel Penelitian ....................................................... 91

12. Hasil Uji Normalitas Analisis Statistik One-Sample Kolmogorov-Smirnov

Test Dividen Payout Ratio ............................................................................ 94

13. Hasil Uji Autokorelasi Model Summaryb dan Tabel Durbin-Watson Dividen

Payout Ratio ................................................................................................. 95

14. Hasil Uji Multikolineritas Coefficientsa Dividen Payout Ratio .................... 96

15. Koefisien Regresi Penelitian dan Hasil Uji Signifikansi Parameter Parsial

Dividen Payout Ratio .................................................................................... 98

16. Hasil Uji Koefisien Determinasi (R2) Dividen Payout Ratio ..................... 100

17. Hasil Uji Statistik F dari Model Regresi Linier Berganda Dividen Payout

Ratio ............................................................................................................ 100

18. Ringkasan Hasil Penelitian ......................................................................... 118

xiv

DAFTAR GAMBAR

No. Judul Gambar Halaman

1. Grafik Rata – Rata Pembagian Dividen Periode 2012 - 2015 ....................... 5

2. Model Konsep ............................................................................................... 41

3. Model Hipotesis ............................................................................................ 42

4. Hasil Uji Heteroskedastisitas Grafik Scatterplot Dividen Payout Ratio ...... 97

xv

DAFTAR LAMPIRAN

No. Judul Lampiran Halaman

1. Perhitungan Variabel Kepemilikan Manajerial .......................................... 114

2. Perhitungan Variabel Debt to Equity Ratio ................................................ 118

3. Perhitungan Variabel Assets Growth .......................................................... 122

4. Perhitungan Variabel Dividen Payout Ratio............................................... 128

5. Hasil Statistik Deskriptif, Uji Asumsi Klasik, Koefisien Determinasi, Uji F,

dan Uji t menggunakan SPSS 21 ................................................................ 130